Planet Labs PBC (NYSE:PL) Stock Price Down 4.7% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s share price dropped 4.7% on Wednesday . The stock traded as low as $31.54 and last traded at $31.5570. Approximately 11,437,489 shares traded hands during trading, a decline of 17% from the average daily volume of 13,814,338 shares. The stock had previously closed at $33.13.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. The Goldman Sachs Group restated a “neutral” rating and set a $22.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 11th. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Craig Hallum lifted their price objective on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Finally, Citigroup boosted their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Stock Performance

The company has a market capitalization of $11.20 billion, a P/E ratio of -27.58 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The stock’s 50 day simple moving average is $37.07 and its two-hundred day simple moving average is $30.05.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. Planet Labs PBC’s revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current year.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after acquiring an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after purchasing an additional 20,400 shares during the last quarter. Van ECK Associates Corp lifted its position in Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after purchasing an additional 5,851,758 shares during the period. Geode Capital Management LLC lifted its position in Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after purchasing an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after purchasing an additional 301,757 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.